Hungarian state company buys out innogy Czech Republic

The Hungarian state-owned company MVM Group has taken over the energy company innogy Czech Republic following the European Commission's approval of the deal. The company insists that nothing will change for customers in the Czech Republic, including the prices they'll be expected to pay for electricity and gas. MVM also insists that nothing will change for innogy's current management. "Through the successful of innogy we're beginning to fulfill our ambitious development strategy," said MVM Group's chairman Gyorgy Kobor. "The purchase of a strong and established player on the Czech energy market represents an important milestone in the planned expansion in Central and Eastern Europe." Innogy is the largest supplier of natural gas in the country, with 1.2 million customers. It also has 400,000 electricity customers. The EC made E.ON's sale of its gas and electricity activities in the Czech Republic as one of its conditions for approving a complex asset swap with RWE.